The Cooper Lofts wants to help you achieve the dream of owning your own home. One of the ways we are able to help you accomplish this is thorough our lease-to-own program. A lease-to-own agreement is also known as a lease-option agreement. This agreement specifies that a portion of the rent on the property be applied toward the purchase of the home. We will lease for a two-year period, with a sale price at the end. We will rebate, at the end of a successful lease term, an amount of money to be used for a down payment.

To be more specific, if the unit sells for $287,925.00, and the monthly rental is $1,950.00, the carrying cost for the unit, based on todays interest rates, will be $1,499.60 per month, giving the homeowner a $450.40 per month rebate or $5,404.80 per year or $10,809.60 at the end of two years. Assuming the customer, at that time enters into a 30 year mortgage at a bank, a 5% down payment on the unit will be $14,396.25 leaving the homeowner a balance due on the downpayment of only $3,586.65. At that point, a 30 year mortgage on the balance of the purchase price of $273,528.75 will be, assuming a 6% loan rate, $1,639.94. per month. Condo fees and utilities will be the responsibility of the tenant.